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28 September 2021

The Normal Minimum Pension Age is increasing…

The Normal Minimum Pension Age is the earliest age at which most pension savers can access their private pensions without incurring an unauthorised payments tax charge (unless they take their pension due to ill-health or have a protected pension age).  It was introduced in 2006 and increased from age 50 to age 55 in 2010.

The Government has confirmed that the Normal Minimum Pension Age will increase from age 55 to 57 from 6 April 2028. The Government is expected to introduce a window of opportunity to allow individuals to join a pension scheme by 5th April 2023 to continue to hold the minimum pension age of 55.